Ms. Tamara Brown reports

PRIMERO MAKES OFFER TO PURCHASE CONVERTIBLE DEBENTURES

Primero Mining Corp. has given notice that it is making an offer to purchase for cash all of its outstanding convertible unsecured subordinated debentures due March 23, 2016, at a price equal to 100 per cent of the principal amount thereof plus accrued and unpaid interest up to, but excluding, May 16, 2014. (Please note that all dollar amounts in this news release are expressed in U.S. dollars unless otherwise indicated.) The offer price will be payable on May 16, 2014, to all holders of the debentures who accept the debenture offer prior to May 12, 2014, at 5 p.m. (Toronto time).

The debenture offer follows the March 5, 2014, acquisition by Primero of all of the outstanding shares of Brigus Gold Corp. pursuant to a plan of arrangement. The debenture offer is being made pursuant to the debenture trust indenture dated as of March 23, 2011, as supplemented March 5, 2014, among Primero, Brigus, Fortune Bay Corp. and Computershare Trust Company of Canada, as trustee, which requires Primero to make an offer to repurchase the debentures following a change of control of Brigus.

A notice of change of control and offer to purchase are being mailed to all beneficial owners of the debentures. Debentureholders may accept the debenture offer in respect of all or a portion of their debentures (in a minimum amount of $1,000 principal amount and multiples thereof).

The debentures were issued by Brigus in the book-entry-only system and are registered in the name of, and held by or on behalf of, CDS as custodian for the CDS participants. To tender debentures to the debenture offer, each holder must direct his or her investment dealer, stockbroker, bank, trust company or other nominee to accept the debenture offer in the manner required by his or her nominee. CDS will be issuing instructions to CDS participants as to the method of tendering such debentures.

If holders of 90 per cent or more of the aggregate principal amount of the debentures outstanding on May 12, 2014, accept the debenture offer, Primero will have the right, but not the obligation, to elect to redeem all the debentures that remain outstanding at the offer price and on the other terms and conditions provided in the indenture.